Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax question: For casualty losses due to hurricane Harvey,

Customer Question
Tax question:For casualty losses due...
Tax question:For casualty losses due to hurricane Harvey, if all personal possessions were destroyed and you don’t want to claim safe harbor, do you have to list each item (hundreds), should it be in categories or can it be in one amount?
Please provide IRS references.Thanks!
Submitted: 26 days ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 days by:
3/29/2018
Tax Professional: Rachel-Mod, Moderator replied 24 days ago
Rachel-Mod
Rachel-Mod, Moderator
Category: Tax
Satisfied Customers: 6
Experience: Moderator
Verified
Hello,
Welcome to JustAnswer. My name is ***** ***** I am the category moderator. I notice that your question has been sitting for a while without a response. Are you still needing help with this matter?
Rachel-Moderator
Ask Your Own Tax Question
Tax Professional: Rachel-Mod, Moderator replied 24 days ago
Thank you for getting back with me. I will open this matter back up to our experts to further assist you. Thank you for your patience.
Rachel-Moderator
Ask Your Own Tax Question
Customer reply replied 24 days ago
Ok
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 24 days ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 935
Experience: Former IRS Revenue Agent
Verified

I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

Ask Your Own Tax Question
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 24 days ago

Dear Customer,

According to Form 4684 Instruction, you need to itemize the losses on personal use items. The below website link and quotation are for your further references. Think it this way, it is similar to claim loss to the insurance company, as details as you can. If we want to get recovery, we have to itemize the listing.

What you can do for the tax return is to categorize them and list them in sub listing use some type of excel spreadsheet to attach. Then, it is not that difficult. Dresses, pants, hats, shirts, suits, etc. Under each category, list how many, materials, etc. Then, use Form 4684 to present categories. Kitchen supplies, etc.

Regards,

Fiona

https://www.irs.gov/pub/irs-pdf/i4684.pdf

"Section A—Personal Use

Property

Use a separate column for lines 2 through 9

to show each item lost or damaged from a

single casualty or theft described on line 1. If

more than four items were lost or damaged,

use additional sheets following the format of

lines 1 through 9.

Use a separate Form 4684 through

line 12 for each casualty or theft involving

property not used in a trade or business or

for income-producing purposes. For

example, use a separate Form 4684 through

line 12 for property lost or damaged due to

Hurricane Harvey or Tropical Storm Harvey,

Hurricane Irma, Hurricane Maria, or the

California wildfire"

Ask Your Own Tax Question
Was this answer helpful?
Ask Dr. Fiona Chen Your Own Question
Dr. Fiona Chen
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 935
935 Satisfied Customers
Experience: Former IRS Revenue Agent

Dr. Fiona Chen is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
California Personal Tax Withholding A non-CA resident sold a
California Personal Tax Withholding A non-CA resident sold a piece of rental property in 2017 and on the closing documents 3 1/3% tax was withheld. Can you confirm that is state withholding that I can… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If a person did not file income tax for 4 years and then
If a person did not file income tax for 4 years and then passed away, can the taxes be legally filed after death? … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
Tax Question. Taxpayer has rental property and sustains
Tax Question. Taxpayer has rental property and sustains flood casualty loss. His expenses to repair exceed the insurance payments. If this is reported on Form 4684 does this properly flow to the 1040,… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can you file an amended 1120S for a casualty loss from a
Can you file an amended 1120S for a casualty loss from a national disaster area (2016 for 2017 Harvey loss)?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax If the IRS rejects a tax return, does this affect the
Tax If the IRS rejects a tax return, does this affect the statue of limitations? For example if a 2014 return was submitted before the deadline of the 3 year statute and the IRS rejects the return, ca… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
OH State income tax - Schedule A - personal tax return line
OH State income tax - Schedule A - personal tax return line 31. 1. What is the difference between "survivorship benefits" and "pension continuation benefits"? * New client for me. * OH resident * Spou… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
California property tax. We are about to do an addition for
California property tax. We are about to do an addition for about $100k. Does that add $100k to the County's Assessed Value or is the entire property reassessed?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
I have questions about filing for casualty losses from a CA
I have questions about filing for casualty losses from a CA wildfire. We had insurance-reimbursed destruction of our garage and the non-vehicle contents, landscaping, minor house damage, and the pool … read more
Dr. Fiona Chen
Dr. Fiona Chen
Certified Public Accountant (CPA)
935 satisfied customers
If I move my rental properties from my personal return to a
If I move my rental properties from my personal return to a 1065 partnership, how is the basis calculated?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
Are funeral expenses deductible on IRS personal return? My
Are funeral expenses deductible on IRS personal return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is it O.K. to deduct mold remediation on form 4684? Found
Is it O.K. to deduct mold remediation on form 4684? … read more
Dr. Fiona Chen
Dr. Fiona Chen
Certified Public Accountant (CPA)
935 satisfied customers
Need help on filling form 4684. Summary of Gains and Lost
Need help on filling form 4684 JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: Summary of Gains and Lost JA: Is there anything else the Accountant sho… read more
Dr. Fiona Chen
Dr. Fiona Chen
Certified Public Accountant (CPA)
935 satisfied customers
I'm preparing an amended 1120S for 2016 with casualty losses
I'm preparing an amended 1120S for 2016 with casualty losses related to Hurricane Harvey in 2017. Do I need to state a formal election to claim hurricane losses on the amended return? Is that done on … read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
I have a question about hurricane casualty loss. I'm
I have a question about hurricane casualty loss. I'm preparing an 1065 for a partnership with a rental property that got heavily damaged in Harvey. The building had an adjusted basis at the time of th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
We had a major casualty loss due to flooding in 2017,
We had a major casualty loss due to flooding in 2017, Federal disaster zone. We have itemized and valued hundreds of individual items lost in addition to the losses and damage to the real property. Do… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
If I file form 1045 for 2016 do I have file a form 4684 with
If I file form 1045 for 2016 do I have file a form 4684 with it … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Had a substantial casualty loss due to Sandy in 2012.
Had a substantial casualty loss due to Sandy in 2012. Claimed the loss on my tax return in 2013. Resulted in -$39000 in taxable income and zero tax for 2013. 1. Does the extra unused loss of this $390… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
On form 4684 for a Ponzi Scheme loss, part of the loss was
On form 4684 for a Ponzi Scheme loss, part of the loss was from a Roth IRA, the ROTH IRA goes to form 1040 Schedule A, how do you show the Roth loss as form 4684 is additive. We showed it in line 40 a… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x